We understand charity savings
accounts
Accounts for registered and incorporated charities.
Managing your account
We are working on an online banking service for our Business customers, once ready we will invite you to register.
In the interim period you can manage your account by email, phone and post.
Notice Accounts
Charity 40 Day Notice Issue 1 – 4.10% Gross/AER
Summary Box
Charity 40 Day Notice Issue 1 – 4.10% Gross/AER
What is the interest rate?
4.10% Gross/AER*
The interest is calculated daily using the cleared balance of the account and paid annually on 31st October, and at the point of closing your account.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Can United Trust Bank change the interest rate?
Yes. The interest rate is variable and can therefore move up and down. Please see clause A4.3 – A4.5 (inclusive) of our Terms and Conditions for further information.
What would the estimated balance be after 12 months based on a £5,000 deposit?
£5,205.00.
This assumes the interest rate does not change and assumes that no withdrawals are made during the first year.
The projections provided are for illustrative purposes only and do not take into account individual circumstances.
How do I open and manage my account?
To open an account:
– Charities needs to be registered with the UK Charity Commissions (either Scottish or English).
– You can open our Charity accounts by either post, via an application form, or online our website, www.utbank.co.uk.
– The minimum balance is £5,000.00 per account.
– The maximum balance is £5m per account.
– A Nominated Bank Account must be provided when applying for an account. This must be a transactional UK Bank account, and must be in the name of the Charity.
– You have 14 days after submitting your application to fund your account, which needs to be sent from your Nominated Account either electronically or a cheque. If it is not funded within the 14 days we will close the account.
To manage the account:
– You can communicate and manage your account via email, post or telephone.
Can I withdraw money?
Yes, to access your funds you must provide UTB with 40 days notice for a withdrawal.
The account holder may make one penalty-free withdrawal, without notice, per 12 month period of up to 20% of the balance of the account. Please see clause A5.11 of our Terms and Conditions for further information.
Notice can be given by email or using the contact form on our website. Please state the name of the Charity, account number, amount of withdrawal and confirmation of the nominated bank account.
Additional information
– Opening the account is subject to our Terms and Conditions.
– Offers can be withdrawn at any time.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax treatment depends on individual circumstances and could change in the future.
Need some help with our Charity accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.
Please take time to read and understand our Terms and Conditions before applying for any of our accounts.
Charity 100 Day Notice Issue 1 – 4.30% Gross/AER
Summary Box
Charity 100 Day Notice Issue 1 – 4.30% Gross/AER
What is the interest rate?
4.30% Gross/AER*
The interest is calculated daily using the cleared balance of the account and paid annually on 31st October, and at the point of closing your account.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Can United Trust Bank change the interest rate?
Yes. The interest rate is variable and can therefore move up and down. Please see clause A4.3 – A4.5 (inclusive) of our Terms and Conditions for further information.
What would the estimated balance be after 12 months based on a £5,000 deposit?
£5,215.00.
This assumes the interest rate does not change and assumes that no withdrawals are made during the first year.
The projections provided are for illustrative purposes only and do not take into account individual circumstances.
How do I open and manage my account?
To open an account:
– Charities needs to be registered with the UK Charity Commissions (either Scottish or English).
– You can open our Charity accounts by either post, via an application form, or online our website, www.utbank.co.uk.
– The minimum balance is £5,000.00 per account.
– The maximum balance is £5m per account.
– A Nominated Bank Account must be provided when applying for an account. This must be a transactional UK Bank account, and must be in the name of the Charity.
– You have 14 days after submitting your application to fund your account, which needs to be sent from your Nominated Account either electronically or a cheque. If it is not funded within the 14 days we will close the account.
To manage the account:
– You can communicate and manage your account via email, post or telephone.
Can I withdraw money?
Yes, to access your funds you must provide UTB with 100 days notice for a withdrawal.
The account holder may make one penalty-free withdrawal, without notice, per 12 month period of up to 20% of the balance of the account. Please see clause A5.11 of our Terms and Conditions for further information.
Notice can be given by email or using the contact form on our website. Please state the name of the Charity, account number, amount of withdrawal and confirmation of the nominated bank account.
Additional information
– Opening the account is subject to our Terms and Conditions.
– Offers can be withdrawn at any time.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax treatment depends on individual circumstances and could change in the future.
Need some help with our Charity accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.
Please take time to read and understand our Terms and Conditions before applying for any of our accounts.
Charity 200 Day Notice – 5.00% Gross/AER
Summary Box
Charity 200 Day Notice – 5.00% Gross/AER
What is the interest rate?
5.00% Gross/AER*
The interest is calculated daily using the cleared balance of the account and paid annually on 31st October, and at the point of closing your account.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Can United Trust Bank change the interest rate?
Yes. The interest rate is variable and can therefore move up and down. Please see clause A4.3 – A4.5 (inclusive) of our Terms and Conditions for further information.
What would the estimated balance be after 12 months based on a £5,000 deposit?
£5,250.00.
This assumes the interest rate does not change and assumes that no withdrawals are made during the first year.
The projections provided are for illustrative purposes only and do not take into account individual circumstances.
How do I open and manage my account?
To open an account:
– Charities needs to be registered with the UK Charity Commissions (either Scottish or English).
– You can open our Charity accounts by either post, via an application form, or online our website, www.utbank.co.uk.
– The minimum balance is £5,000.00 per account.
– The maximum balance is £5m per account.
– A Nominated Bank Account must be provided when applying for an account. This must be a transactional UK Bank account, and must be in the name of the Charity.
– You have 14 days after submitting your application to fund your account, which needs to be sent from your Nominated Account either electronically or a cheque. If it is not funded within the 14 days we will close the account.
To manage the account:
– You can communicate and manage your account via email, post or telephone.
Can I withdraw money?
Yes, to access your funds you must provide UTB with 200 days notice for a withdrawal.
The account holder may make one penalty-free withdrawal, without notice, per 12 month period of up to 20% of the balance of the account. Please see clause A5.11 of our Terms and Conditions for further information.
Notice can be given by email or using the contact form on our website. Please state the name of the Charity, account number, amount of withdrawal and confirmation of the nominated bank account.
Additional information
– Opening the account is subject to our Terms and Conditions.
– Offers can be withdrawn at any time.
– Interest is paid Gross i.e. without the deduction of tax.
– Tax treatment depends on individual circumstances and could change in the future.
Need some help with our Charity accounts?
Here you can find answers to our most common questions. If you still cannot find what you are looking for, please use the contact us form within our ‘How can we help’ section.
Please take time to read and understand our Terms and Conditions before applying for any of our accounts.
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FAQs
Find answers to the most common questions about our deposit accounts.
UTB Charity Savings Accounts – Frequently Asked Questions
What are charity savings accounts?
They are accounts charities can use to earn interest on money they don’t need to keep in a current account for day-to-day expenses. Most charity current accounts do not pay interest on positive balances, so if you keep surplus cash in your charity current account you are probably missing out on a simple way of making your money work harder and earning your charity extra revenue.
What is the difference between a savings account and a current account?
A charity savings account is very simple in that it allows you to set aside excess money in your charity to keep it separate from the account you use for everyday income and expenditure and to earn interest on surplus money which would otherwise earn little or no interest in your current account. A charity savings account doesn’t usually come with a payment card, cheque book, overdraft or other facilities a current account may offer.
Are there different types of charity savings accounts?
There are three common types of savings account:
Fixed term bonds – These allow you to set aside a one-off sum for a specified length of time and earn an agreed rate of interest during that period. However, with most fixed term bonds, you cannot withdraw your money during the term of the bond, so you should only deposit funds you won’t need to access during that time.
Notice accounts – These allow you to deposit funds whenever you wish and to earn an agreed variable rate of interest on your balance. However, you can only make withdrawals after giving the required notice. For example, with a 40-Day Notice account you would have to request a withdrawal 40 days before you needed to have the money. These accounts offer more flexibility than fixed term bonds and usually pay a slightly lower interest rate as a result.
Instant access accounts – These offer the greatest flexibility as you can withdraw your money at any time. However, these typically pay the lowest rates of interest of the three main types of charity savings accounts
What types of charities can apply for a savings account?
We accept applications from registered charities and charitable incorporated organisations (CIOs). Charities must be registered on the Charities Commission with a minimum of two trustees, operating in and benefitting areas solely in the UK, where the governing document is not a Trust Deed. In addition, CIOs must be registered on Companies House with a minimum of one director.
Do you accept applications from Charitable Trusts?
Charitable Trusts are normally governed by a Trust Deed and can often be more complex, and United Trust Bank are not currently accepting any applications from charities governed by a Trust Deed.
Do you accept applications from exempt or excepted charities?
No, we do not currently accept applications from any charity that is not registered with the Charities Commission.
What is the minimum and maximum I can invest?
The minimum initial investment is usually £5,000 per account and the maximum is £1,000,000. If you wish to deposit more than this, please click here to find out how we can help you.
Are charity savings protected by the FSCS?
Yes, all charity savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. To find out more, please click here.
Can my charity hold multiple savings accounts?
There is no limit on how many savings accounts you open with United Trust Bank, so you can choose to spread your funds over multiple accounts if you wish, both with our fixed rate and notice products.
If I am involved with more than one charity, can I open accounts for each of them?
Yes, though please note you need to have a different email address for each charity.
Can I open a charity savings account if I or another trustee lives outside of the UK?
At the time of making your application, any named signatory or trustee must be an individual who permanently resides in the UK for tax purposes, and we reserve the right to decline an application if any signatory or named trustee is resident outside of the UK.
What happens to the funds when the account reaches maturity?
We will both write to you and email you (if you have an email address registered with us) approximately two weeks before your account is due to mature, outlining your options for reinvestment.
It is important that you provide your instructions before the maturity date to secure any preferential existing customer rate you are offered. If we do not receive instructions by the maturity date, your funds will be transferred to a holding account paying just 0.10% AER gross, where they will remain for a maximum of 28 days before being returned to the nominated bank account we hold on file for you.
Ways to contact us
Secure Message via online banking: Login here
Telephone: 020 7190 5599; Monday – Friday 9am – 5pm
Post: United Trust Bank, One Ropemaker Street, London, EC2Y 9AW
Online contact form: Submit your enquiry here
Use our Help Centre to see if we can answer any of your queries online